Chicago lost the bid for the 2016 Summer Olympics according to the announcement in Copenhagen. The U.S. city had been competing with Rio de Janeiro, Madrid, and Tokyo for the rights to the games. The U.S. was hoping the Olympics would come back to the United States only 20 years after hosting it in Atlanta Georgia. The President went to Copenhagen to become the first U.S. President to personally make a pitch for the Olympic games. Obama’s personal and political ties to Chicago made it a natural for him to make such an unprecedented push to land the Olympics.

The announcement brings a lot of disappointment for the United States. Experts had predicted that the economic boost will provide 22.5 billion dollars for the economy and thousands of jobs. However, many residents of Chicago have said that they were against bringing the games to the city. The influx of visitors can create large traffic snarls and other detriments for the host city.